Indo-Pak need to remove each other from FDI negative list: Ramesh

Published: Wednesday, November 12, 2008, 16:09 [IST]

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New Delhi, Nov 12 (UNI) In an attempt to boost bilateral trade and investment between India and Pakistan, Minister of State for Commerce and Power Jairam Ramesh today said the countries should remove each other from the negative list for foreign direct investment (FDI).

''Both the countries should remove each other from their respective negative list for FDI in order to strengthen trade and investment between the countries,'' Mr Ramesh told reporters here.

Earlier, both Bangladesh and Pakistan were in the negative list. ''Now, when Bangladesh's name has been erased from the list, it is time to consider Pakistan as well,'' he said.

He also called upon both the countries to remove the existing barriers and explore opportunities to boost bilateral trade.

During 2006-07, India's export to Pakistan was of 1.9 billion dollars, whereas that of Pakistan to India was 288 million dollars, which shows a great disparity, the Minister said.

''Many Indian companies are ready to invest in Pakistan, especially in IT sector, the cement trade has also been moving at a faster pace with 4.6 lakh tonnes imported till date and 3.3 lakh tonnes in the pipeline, totalling to the amount of 75 million dollars,'' Mr Ramesh said.

There are other sectors such as textiles, pharmaceuticals and food processing where similar results could be achieved, he added.